China Southern Is One of the Big Three in China, and Has No Moat Despite Significant Market Share
No-moat China Southern Airlines reported third-quarter results that featured solid revenue growth, but higher fuel cost weighed on profitability. Third-quarter profit was also dragged down by currency losses and came in at CNY 3.3 billion. The group’s average ticket yield posted 3.3% growth amid capacity expansion, and steady demand for air travel in China indicates likely solid top-line growth ahead. We maintain our fair value estimate for China Southern Airlines at HKD 7.8.On the passenger si...
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